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Regional: Equity Investment ADM Maculus Fund II L.P.

sector: Finance | country: | region: Regional

The extended annual review report (XARR) stated that current evaluation guidelines put too much emphasis on the profitability of investments as profitability measures are used in three different sections of the XARR. The XARR also mentioned that if an investment fund is evaluated after it is fully divested, fund managers and management companies may have started to disband and be unavailable for comment. Conversely, if the evaluation is made too early, the financial internal rate of return (FIRR) may not be fully realized. The XARR also suggested an improvement in the wording of ADB’s targeted development results to avoid overly focusing the evaluator’s attention on the financial result, which is only one of the intended outcomes of ADB’s investment.

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